云南白药（000538）：完成特别分红，工业引领增长

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 65.78 yuan based on a 23x PE valuation for 2025 [3]. Core Insights - The company has completed a special dividend, distributing 10.19 yuan per 10 shares to shareholders, totaling 1.82 billion yuan [8]. - The industrial segment is leading growth, with industrial revenue reaching 11.58 billion yuan in the first three quarters of 2025, reflecting an 8.5% year-on-year increase [8]. - The full acquisition of Juyitang for 660 million yuan enhances the company's traditional Chinese medicine resources and market reach [8]. Financial Performance Summary - Revenue projections for 2025-2027 are 42.42 billion, 44.28 billion, and 46.78 billion yuan, respectively, with year-on-year growth rates of 6.0%, 4.4%, and 5.6% [5]. - Operating profit is expected to grow from 6.06 billion yuan in 2025 to 7.33 billion yuan in 2027, with a growth rate of 6.1% in 2025 [5]. - Net profit attributable to the parent company is forecasted to be 5.11 billion yuan in 2025, increasing to 6.15 billion yuan by 2027, with a growth rate of 7.6% in 2025 [5]. - Earnings per share are projected to rise from 2.86 yuan in 2025 to 3.44 yuan in 2027 [5]. - The gross margin is expected to improve from 28.9% in 2025 to 29.8% in 2027, while the net margin is projected to increase from 12.0% to 13.1% over the same period [5].